Giving Your 35 Year Old An Allowance
Are your kids going to be mooching off of you when they are in their mid-thirties or even older? Picture yourself loaning money to your 35 year old on an ongoing basis, because your adult child has no idea how to manage his or her own money. What do you think the chances of getting your money back are? How much money could you fork out to your adult child, without your finances being impacted negatively?
Please don’t get me wrong; there are times that you might have to help your 35 year old financially when he or she is in a bind. However; there are some adult children who seem to think that the Bank of Mommy and Daddy are their own personal bank machines. In essence, they are expecting to receive an allowance from their parents. Not a pretty picture, eh?
The key to avoiding such a scenario is to educate your child about money at an early age. Financial literacy is a difficult to learn, because it is a combination of knowledge, skill, and personal values. Our school system does not often do justice to this topic. Let’s face it; most teachers are not financial experts. Parents, you play an essential role by imparting your values to your kids, but do you have the necessary knowledge to teach them the ‘hows’ and ‘whys’ of financial management? Some of you do, many of you don’t – so who do you turn to? I’m here to help you teach your kids about money. I encourage you to subscribe to this blog by clicking here, we’ll work together to help your kid become financially literate.
February 27th, 2011 at 10:38 pm
An allowance for a 35 year old? You are kidding right? We need to make it uncomfortable enough for our kids when they leave school, that they want to go out and make it on their own. If we make it too comfortable for them at home, why would they leave?
I would never leave my children stranded, but to expect a regular handout?
Want your kids to leave home? Stop cooking with Cheese!!!! (and charge them room and board, make them do chores, and maybe even stick to a curfew!!!) ok, maybe going a little too far with the curfew, but not for the rest of it – you get the picture!